The Daily Tabloids blog reports that the London office of New York’s Cravath Swaine & Moore has slashed its cost of living allowance (COLA). In 2007, Cravath associates abroad were making over $300,000.
Cravath Swaine & Moore cuts its COLA in the London office from $110,000 to $60,000 as of January 1, 2009. [A]ll the associates, one after one, were called into the office of a partner, Philip Boeckman, to receive the news. The reason mentioned for the cut is the evolution of the dollar-pound exchange rate.
One associate complained… that this comes on top of bonuses being halved and the ski weekend being cancelled, and says that these measures “pretty badly affect associate morale”. OK, no one likes to get less wedge – but low morale because of only getting £40k to live in London, when everyone else is being made redundant? Bring out the violins.
The other side of the pond just got a lot less attractive.
The second oldest firm in the US, Cravath was founded in 1819 and ranks first among the world’s most prestigious law firms according to a Vault survey.
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Posted by Erik Even
on December 11, 2008. Filed under Law Firm News,Legal News,World News.
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Departures from a law firm are complicated for any attorney, but for a partner the details can be quite intricate. Please note: First and foremost, the interests of your clients should be absolutely paramount. Consultation with existing ABA and state bar guidelines on firm transition is suggested. Below you will find a list of important considerations for partners when changing firms. You will also find suggested practices for maintaining relationships, as well as obligations from a legal and moral perspective. Before You Begin to Meet with New Firms It’s important to review any existing employment agreement with your former firm to make sure you are in compliance with all provisions (pay particular attention to provisions regarding notice). Practice discretion with your existing firm until you [...]
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